BofA analyst Joyce Ju raised the firm’s price target on PDD Holdings to $112 from $97 and keeps a Buy rating on the shares after its Q2 earnings beat. The company reported another robust quarter amid gradual demand recovery given continued improvement in consumer sentiment, the analyst tells investors in a research note. The firm further cites PDD’s successful June promotions aimed to stimulate consumer demand, particularly in home appliances, smartphones, cosmetics and fresh produce, noting that the company is seeing much faster growth momentum relative to its major peers.
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